That’s the question posed by UBS aviation analyst Simon Mitchell and his Merrill Lynch counterpart Matthew Spence, who are boldly going where few analysts have gone before in discussing the airline’s capital management potential.

A cash return would be surprising given Qantas’s ambition to keep its investment-grade credit rating in the face of severe competitive headwinds. Qantas and Southwest Airlines of the U.S. are the only carriers in the world to enjoy investment-grade status, making it easier for them to borrow money relatively cheaply.

About Deal Journal Australia

Deal Journal Australia is an up-to-the-minute take on the deals and deal makers that shape the Australian landscape, including mergers and acquisitions, capital raisings, private equity and debt markets. In short, wherever money changes hands. Deal Journal Australia is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s Gillian Tan is the lead writer, with contributions from other Journal and Dow Jones reporters and editors. Send news items, comments and questions to gillian.tan@wsj.com.

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